Gross domestic product (GDP) decreased at an annual rate of 1.3% in 2001:IIIQ. The final estimate, released late in December, represents an additional downward revision of 0.2 percentage point from preliminary estimates. Business fixed investment, exports, and inventory investment were the largest contributors to the decrease in GDP. Personal consumption increased 1.0% from 2001:IIQ and contributed a very modest 0.7 percentage point to GDP growth. This is less than half the 1.7 percentage points it contributed to GDP growth over the last four quarters. As the table shows, the decline in exports was nearly 6% greater than the decline in imports, leading to a second consecutive quarter of deterioration in the trade balance.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 02-01, pp. 10-11, 01.01.2002.